MEDSTUDY.COM
California Life Accident And Health Exam Practice
/353 Complete Questions And Answers Rated (A+)
Answer:A
ABC INSURANCE - Quiz :JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS
THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP?
A
ABC INSURANCE
B
JOHN
C
JANE
D
NONE
Answer:D
ADMITTED - Quiz :A(N) ________ INSURER IS AUTHORIZED TO WRITE
INSURANCE POLICIES IN A PARTICULAR STATE.
A
DOMESTIC
B
NON-ADMITTED
C
FOREIGN
D
ADMITTED
Answer:B
A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN
INSURED - Quiz :WHICH OF THE FOLLOWING IS CLASSIFIED AS AN INSURANCE
BROKER?
A
A PERSON WHO PLACES COVERAGE FOR HIS/HER OWN INSURANCE
B
A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN
INSURED
C
A PERSON IN THE HOME OFFICE WHO DOES NOT SOLICIT OUTSIDE OF THE
OFFICE
D
,MEDSTUDY.COM
AN EMPLOYEE WHO NEGOTIATES INSURANCE CONTRACTS FOR HIS/HER
EMPLOYER
Answer:C
EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE
OTHER THAT THERE IS NOTHING CONCEALED OR DISHONEST - Quiz :THE
INSURANCE CONTRACT IS SAID TO BE A CONTRACT OF UTMOST GOOD FAITH,
BECAUSE:
A
CONCEALMENT OF KNOWN FACTS ON THE PART OF THE INSURED WILL VOID
THE CONTRACT
B
THE INSURER HAS DRAWN UP THE CONTRACT AND, THEREFORE, THERE IS NO
INTENT TO DECEIVE
C
EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE
OTHER THAT THERE IS NOTHING CONCEALED OR DISHONEST
D
THE INSURED MUST WARRANT THAT HIS/HER REPRESENTATIONS ARE TRUE
Answer:A
THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO
THE LOSS, WITH NO INTENT OF LOSS OR GAIN - Quiz :WHICH OF THE
FOLLOWING BEST DESCRIBES A CONTRACT OF INDEMNITY UNDER
INSURANCE?
A
THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO
THE LOSS, WITH NO INTENT OF LOSS OR GAIN
B
THE INSURED INDEMNIFIES THE INSURER FOR ANY EXPENSES IN ADJUSTING
THE LOSS
C
THE INSURED SUSTAINS A LOSS AS A RESULT OF THE LOSS
Answer:D
SURPLUS - Quiz :THE INSURED IS RESTORED TO A FINANCIAL CONDITION AS
GOOD AS, OR BETTER THAN, THE INSURED WAS BEFORE THE LOSS
___________ INSURANCE IS USED TO PROVIDE COVERAGE WHEN INSURANCE
IS NOT AVAILABLE FROM AN ADMITTED CARRIER.
A
,MEDSTUDY.COM
FACULTATIVE
B
DOMESTIC
C
ALIEN
D
SURPLUS
Answer:C
PURE RISK - Quiz :WHICH OF THE FOLLOWING RISKS IS PROTECTED BY
INSURANCE?
A
CERTAIN RISK
B
SPECULATIVE RISK
C
PURE RISK
D
INVOLUNTARY RISK
Answer:A
WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS -
Quiz :A GOOD EXAMPLE OF RISK REDUCTION MIGHT BE:
A
WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS
B
THE ELIMINATION OF THE EXPOSURE TO A SPECIFIC RISK
C
THE TRANSFER OF THE RISK TO AN INSURANCE COMPANY
D
INSURING ONLY THOSE RISKS THAT THREATEN THE FINANCIAL STABILITY OF
THE INSURED
Answer:B
ADMITTED - Quiz :AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN A
PARTICULAR STATE IS SAID TO BE:
A
NON-ADMITTED
B
ADMITTED
, MEDSTUDY.COM
C
DOMESTIC
D
FOREIGN
Answer:C
STOCK - Quiz :WHICH INSURER'S OWNER RECEIVES TAXABLE CORPORATE
DIVIDENDS AS A RETURN OF PROFIT?
A
MUTUAL
B
RECIPROCAL
C
STOCK
D
FRATERNAL
Answer:B
ACCORDING TO THE LAW OF LARGE NUMBERS - Quiz :IN INSURANCE, WHEN
THE NUMBER OF SIMILAR UNITS INCREASE, THE PREDICTABILITY OF THE LOSS
IMPROVES:
A
BECAUSE OF THE SIMILARITY OF UNITS IN LARGE QUANTITIES
B
ACCORDING TO THE LAW OF LARGE NUMBERS
C
BECAUSE OF ACCUMULATED EXPERIENCE
D
ACCORDING TO THE LAW OF AVERAGES
Answer:A
A UNILATERAL CONTRACT - Quiz :A CONTRACT WHEREBY ONLY ONE PARTY IS
BOUND TO FUTURE PERFORMANCE, IS SAID TO BE:
A
A UNILATERAL CONTRACT
B
A BILATERAL CONTRACT
C
A CONDITIONAL CONTRACT
D
California Life Accident And Health Exam Practice
/353 Complete Questions And Answers Rated (A+)
Answer:A
ABC INSURANCE - Quiz :JOHN IS THE AGENT FOR ABC INSURANCE AND JANE IS
THE INSURED. WHO IS THE PRINCIPAL IN THIS AGENCY RELATIONSHIP?
A
ABC INSURANCE
B
JOHN
C
JANE
D
NONE
Answer:D
ADMITTED - Quiz :A(N) ________ INSURER IS AUTHORIZED TO WRITE
INSURANCE POLICIES IN A PARTICULAR STATE.
A
DOMESTIC
B
NON-ADMITTED
C
FOREIGN
D
ADMITTED
Answer:B
A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN
INSURED - Quiz :WHICH OF THE FOLLOWING IS CLASSIFIED AS AN INSURANCE
BROKER?
A
A PERSON WHO PLACES COVERAGE FOR HIS/HER OWN INSURANCE
B
A PERSON WHO NEGOTIATES INSURANCE CONTRACTS ON BEHALF OF AN
INSURED
C
A PERSON IN THE HOME OFFICE WHO DOES NOT SOLICIT OUTSIDE OF THE
OFFICE
D
,MEDSTUDY.COM
AN EMPLOYEE WHO NEGOTIATES INSURANCE CONTRACTS FOR HIS/HER
EMPLOYER
Answer:C
EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE
OTHER THAT THERE IS NOTHING CONCEALED OR DISHONEST - Quiz :THE
INSURANCE CONTRACT IS SAID TO BE A CONTRACT OF UTMOST GOOD FAITH,
BECAUSE:
A
CONCEALMENT OF KNOWN FACTS ON THE PART OF THE INSURED WILL VOID
THE CONTRACT
B
THE INSURER HAS DRAWN UP THE CONTRACT AND, THEREFORE, THERE IS NO
INTENT TO DECEIVE
C
EACH PARTY IS ENTITLED TO RELY UPON THE REPRESENTATIONS OF THE
OTHER THAT THERE IS NOTHING CONCEALED OR DISHONEST
D
THE INSURED MUST WARRANT THAT HIS/HER REPRESENTATIONS ARE TRUE
Answer:A
THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO
THE LOSS, WITH NO INTENT OF LOSS OR GAIN - Quiz :WHICH OF THE
FOLLOWING BEST DESCRIBES A CONTRACT OF INDEMNITY UNDER
INSURANCE?
A
THE INSURED IS RESTORED TO THE SAME FINANCIAL CONDITION AS PRIOR TO
THE LOSS, WITH NO INTENT OF LOSS OR GAIN
B
THE INSURED INDEMNIFIES THE INSURER FOR ANY EXPENSES IN ADJUSTING
THE LOSS
C
THE INSURED SUSTAINS A LOSS AS A RESULT OF THE LOSS
Answer:D
SURPLUS - Quiz :THE INSURED IS RESTORED TO A FINANCIAL CONDITION AS
GOOD AS, OR BETTER THAN, THE INSURED WAS BEFORE THE LOSS
___________ INSURANCE IS USED TO PROVIDE COVERAGE WHEN INSURANCE
IS NOT AVAILABLE FROM AN ADMITTED CARRIER.
A
,MEDSTUDY.COM
FACULTATIVE
B
DOMESTIC
C
ALIEN
D
SURPLUS
Answer:C
PURE RISK - Quiz :WHICH OF THE FOLLOWING RISKS IS PROTECTED BY
INSURANCE?
A
CERTAIN RISK
B
SPECULATIVE RISK
C
PURE RISK
D
INVOLUNTARY RISK
Answer:A
WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS -
Quiz :A GOOD EXAMPLE OF RISK REDUCTION MIGHT BE:
A
WHEN ONE TAKES ACTION TO MINIMIZE THE SEVERITY OF A POTENTIAL LOSS
B
THE ELIMINATION OF THE EXPOSURE TO A SPECIFIC RISK
C
THE TRANSFER OF THE RISK TO AN INSURANCE COMPANY
D
INSURING ONLY THOSE RISKS THAT THREATEN THE FINANCIAL STABILITY OF
THE INSURED
Answer:B
ADMITTED - Quiz :AN INSURER THAT IS AUTHORIZED TO DO BUSINESS IN A
PARTICULAR STATE IS SAID TO BE:
A
NON-ADMITTED
B
ADMITTED
, MEDSTUDY.COM
C
DOMESTIC
D
FOREIGN
Answer:C
STOCK - Quiz :WHICH INSURER'S OWNER RECEIVES TAXABLE CORPORATE
DIVIDENDS AS A RETURN OF PROFIT?
A
MUTUAL
B
RECIPROCAL
C
STOCK
D
FRATERNAL
Answer:B
ACCORDING TO THE LAW OF LARGE NUMBERS - Quiz :IN INSURANCE, WHEN
THE NUMBER OF SIMILAR UNITS INCREASE, THE PREDICTABILITY OF THE LOSS
IMPROVES:
A
BECAUSE OF THE SIMILARITY OF UNITS IN LARGE QUANTITIES
B
ACCORDING TO THE LAW OF LARGE NUMBERS
C
BECAUSE OF ACCUMULATED EXPERIENCE
D
ACCORDING TO THE LAW OF AVERAGES
Answer:A
A UNILATERAL CONTRACT - Quiz :A CONTRACT WHEREBY ONLY ONE PARTY IS
BOUND TO FUTURE PERFORMANCE, IS SAID TO BE:
A
A UNILATERAL CONTRACT
B
A BILATERAL CONTRACT
C
A CONDITIONAL CONTRACT
D
